Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Substation Automation - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Substation Automation Market to Reach $51.9 Billion by 2030
The global market for Substation Automation estimated at US$40.6 Billion in the year 2023, is projected to reach a revised size of US$51.9 Billion by 2030, growing at a CAGR of 3.6% over the analysis period 2023-2030.
Substation automation and integration are essential components of modernizing the utility industry, which is expected to hold the largest market share. The growing adoption of smart grid infrastructure is a significant driver for this market, enabling enhanced efficiency, reliability, and security of power systems.
Substation Automation Hardware, one of the segments analyzed in the report, is expected to record a 3.3% CAGR and reach US$24.1 Billion by the end of the analysis period. Growth in the Substation Automation Software segment is estimated at 3.6% CAGR for the next 7-year period. Stringent regulatory standards are pushing the adoption of new technologies, although these regulations can also act as a restraint due to the complexities and costs associated with compliance.
Innovations and advancements in technology are continually evolving, providing more sophisticated solutions for substation automation and integration. These include improved communication systems, advanced sensors, and robust control mechanisms, which collectively enhance the functionality and performance of substations. The market is poised for growth as utilities seek to meet regulatory requirements while upgrading their infrastructure to support smart grid initiatives.
The U.S. Market is Estimated at $11 Billion, While China is Forecast to Grow at 6.1% CAGR
The Substation Automation market in the U.S. is estimated at US$11 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$10.6 Billion by the year 2030 trailing a CAGR of 6.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8% and 4.2% respectively over the 2023-2030 period.
Within Europe, Germany is forecast to grow at approximately 1.6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.9 Billion by the year 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $40.6 Billion |
| Forecasted Market Value (USD) by 2030 | $51.9 Billion |
| Compound Annual Growth Rate | 3.6% |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Substation Automation and Integration - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
- Product Overview
- Substation Automation and Integration: A Prelude
- Utility Industry to Witness Largest Share
MARKET TRENDS & DRIVERS
- Growing Adoption of Smart Grid Infrastructure Drives the Substation Automation and Integration Market
- Stringent Regulatory Standards Drive the Adoption of New Technologies
- Regulatory Standards: A Major Restraint
- Innovations and Advancements
FOCUS ON SELECT PLAYERS (Total 73 Featured)
- ABB Ltd.
- Cisco Systems, Inc.
- General Electric Company
- Schneider Electric SA
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/lfv44f
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